In 2009, Romania’s insurance industry posted net loss of RON103.22 million, down from RON582.46 million in 2008.
According to the CSA report, losses posted by insurance companies amounted to RON276.64 million last year, while cumulated profits stood at RON235.27 million.
The biggest losses were posted by UNIQA Asigurari – RON56.1 million, followed by Groupama Asigurari – RON50.4 million, AXA Life Insurance (formerly Omniasig Life) – RON26.6 million, Eureko Romania – RON20.2 million and Aviva Asigurari de Viata – RON19.9 million.
The five insurers’ losses account for nearly two thirds of the losses posted by all loss-incurring insurance companies in 2010.
Significant losses were also posted by Allianz-Tiriac Asigurari – RON18.9 million, which posted loss for the first time in ten years, and ONIX Asigurari (formerly OTP Garancia Asigurari) – RON16.83 million.
On the profitable insurer was Alico, which turned a profit of RON68.9 million, followed by ING Asigurari de Viata with RON38.9 million, down from RON77.3 million in 2009.
Next in the ranking of profitable insurers were Carpatica Asig – RON28 million, Astra – RON25.3 million and Generali – RON20.9 million. All three insurers posted higher profits compared to 2009.
Other profitable insurers were Asirom – RON18.5 million and BCR Asigurari de Viata – RON13.9 million.
Revenues from subscriptions from general insurance at the level of the entire industry declined 16.5%, to RON92.97 million, while losses narrowed 33.3%, to RON288.05 million.
Life insurers that turned profit posted a cumulated net result of RON184.85 million, compared to RON248.74 million in 2009, while loss-making life insurers posted a cumulated loss of RON79.56 million, from RON139.19 million in 2009.
The Romanian market includes 47 insurance companies.
The local insurance industry declined 6.4% in 2010, to RON8.31 billion, the second year in a row to post a decline. On the general insurance segment, subscriptions dropped 8.3%, to RON6.64 billion, while the life insurance market increased 2.3%, to RON1.67 billion. (EUR1=RON4.256)